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Tuesday, January 1, 2013

State Tax Rates, Growth Rates, and Budget
Deficits

The North-South shift is really a shift to the West, the
Southwest, the South, and Florida

John Naisbitt,
Megatrends, 1982

The only problem with
socialism or that sooner or later you run out of other peoples’ money.

Margaret Thatcher

These quotes could be modifiedthe United States to read: The only problem
with high tax unionized states with liberal social welfare programs is that sooner or later you run out of
businesses and wealthy citizens who flee to low tax, right-to-work
conservative states with lower budget deficits.

·Fastest
growth states since 1970

1.Nevada,35.1%

2.Arizona, 24.6%

3.Utah, 23.8%

4.Idaho, 21.1%

5.Texas, 20.6%

6.North Carolina, 18.5%

7.Georgia, 18.3%

8.Florida, 17.6%

9.Colorado, 16.9%

10.South Carolina 15.3%

·Highest
Tax States

1. California,13.0%

2. New Jersey, 12.2%

3. New York, 12.1%

4. Connecticut, 12.0%

5. Wisconsin, 11.0%

6. Rhode Island, 10.7%

7. Minnesota, 10.3%

8. Vermont, 10.2%

9. Maine, 10.1%

10.Pennsylvania, 10.1%

·States with
largest budget deficits (2012)

1.California, $21.3 billion (D)

2.Illinois, $17.0 billion (D)

3.New Jersey, $10.5 billion (D)

4.Texas, $10.0 billion (R)

5.New York, $8.2 billion (D)

6.Connecticut, $3.8 billion (D)

7.Minnesota, $3.8 billion (D)

8.North Carolina, $3.8 billion (R)

(

9.Ohio, $3.8
billion (D)

10.Florida & Oregon, $2.5 billion (D) and (D)

Tweet:High growth states are in West, SW, South; highest taxes are in California,
East, &upper Midwest’big budget deficits are mostly in Dem states.

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